No doubt about it. The stream of economic news is terrible. The pandemic induced shutdown of much of the U.S. economy, Europe and other countries has resulted in stunning declines in employment, income, sales, earnings, government revenues, and overall economic output. This week’s guest has been following and cataloging all of the economic and policy developments since the beginning of the pandemic and joins us with a summary and update on what it means for the overall economy, businesses, consu...
May 15, 2020•26 min•Season 16Ep. 46
How different will our world be as the nation slowly returns to work on a state by state, city by city, business by business basis? In part II of our interview with financial thought leader, Jason Trennert, the Co-Founder, Managing Partner, and Chief Investment Strategist of leading macro research firm Strategas Research Partners he addresses the profound changes ahead. Trennert believes the COVID-19 experience and its economic aftermath will alter the behavior of countries, individuals, busines...
May 08, 2020•26 min•Season 16Ep. 45
This week’s guest was concerned about high market valuations before the global pandemic hit and was recommending clients raise some cash. It’s a call he and his team have reiterated since. He is Jason Trennert, Co-Founder, Managing Partner and Chief Investment Strategist of Strategas Research Partners , Trennert and his team have been busier than ever assessing the macro effects of the pandemic shutdown including policy, the public, and private sectors of the economy and the markets. In a recent...
May 01, 2020•26 min•Season 16Ep. 44
We are witnessing massive policy responses of historic proportions. The fiscal and monetary reaction to the COVID-19 shut down of economies around the world has been unprecedented in its size and speed. How effective will it be and who stands to benefit from the stimulus? Who is at most risk of being left behind? We have measured answers from a major player in resolving the Global Financial Crisis a decade ago. John Lipsky , who was the First Deputy Managing Director at the IMF from 2006-2011 du...
Apr 25, 2020•43 min•Season 16Ep. 43
When economies started shutting down in various parts of the world we all knew that the economic numbers would be bad. How could they not be? We are just now getting some measure of the initial damage in terms of unemployment, business activity, and earnings. For some longer-term perspective on the economic and financial damage we are experiencing and some investment guidance I reached out to a trusted source for some advice. Nick Sargen, now Senior Economic Advisor at Fort Washington Investment...
Apr 18, 2020•26 min•Season 16Ep. 42
Retirees and near-retirees have suffered a punch to the gut and their portfolios with the coronavirus induced shutdown of the economy and the massive and precipitous market decline. After a decade which resulted in longevity records being set by both the economic recovery and bull market this black swan event was a stunner which requires a reassessment and regrouping of life plans, particularly for seniors. The most important actions we can take are to have a plan to protect what we have, live w...
Apr 10, 2020•25 min•Season 16Ep. 41
One of the biggest trends in investing in recent years has been the migration of investment dollars into exchange-traded funds and out of traditional mutual funds. The numbers are staggering. This week’s guest had the foresight and guts to get involved in ETFs in their early stages and more recently cryptocurrencies which are still in their development phase. We are going to get his update on both. He is Matt Hougan, Global Head of Research at Bitwise Asset Management, a cryptocurrency asset man...
Apr 03, 2020•27 min•Season 16Ep. 40
Life can change in a New York minute, and it has. The world is going through a terrible experience right now. As President Trump has said we are at war with an invisible enemy. I would add it’s an enemy that can strike anyone, anywhere which makes it so unsettling. The coronavirus is upending lives and societies. The steps we are taking to combat it are harsh, isolating, and damaging psychologically, emotionally, and financially. Everyone is affected. Many Americans are losing their paychecks an...
Mar 27, 2020•26 min•Season 16Ep. 39
The markets will fluctuate said J.P. Morgan. We will add they can fluctuate dramatically and quickly. We are now living that reality daily. The longest bull market in U.S. history, which began in March of 2009 saw stocks reach new highs in February only to plummet this month at historic speeds and magnitudes. The bull market officially ended on March 11th and the bear market began with a 20% plus decline in major markets from their previous highs. Since then the bear market has been deepening. T...
Mar 20, 2020•26 min•Season 16Ep. 38
Before the coronavirus crisis, Matthews Asia’s Robert Horrocks was bullish on China’s investment prospects. He believes China’s stock markets are getting back on track to outperform in the years ahead. WEALTHTRACK #1636 published on March 04, 2020. More info: https://wealthtrack.com/china-coronavirus-aftermath/ "Current Conditions Call For a Long-Term Focus" : https://us.matthewsasia.com/perspectives-on-asia/market-updates/matthews-asia-perspectives-view/article-1708/Current-Conditions-Call-for-...
Mar 05, 2020•26 min•Season 16Ep. 36
Fears of a coronavirus induced hit to the global economy and corporate earnings drove stock markets into official correction territory today. It takes a 10% decline from the previous high to meet that definition and the Dow, S&P 500 and NASDAQ all exceeded that standard today after relentless selling this week. For institutional investors, who are frequently judged on quarterly performance the safest course of action from a short-term performance standpoint is to sell first and ask questions...
Feb 28, 2020•21 min•Season 16Ep. 35
The reality is most Americans have not met their retirement goals. Here are some findings from a recent Fidelity Investments Retirement Mindset Study which surveyed adults of all ages, both male and female. Eighty-two percent of the general population don’t have a retirement plan in place. It’s not as if Americans aren’t worried about retirement. They are. Seventy-five percent feel only somewhat confident to not confident at all about their retirement finances. What worries people the most about...
Feb 22, 2020•26 min
In the current market cycle dating from 2009 coming out of the great financial crisis: - Equities dominated bonds and commodities. - The U.S. trumped international. - Growth outpaced value. - And large U.S. tech companies dominated just about every sector and security. As in previous bull market periods, money flows to the best performers and flees the laggards. This record-setting U.S. bull market has also accentuated the attraction of index investing, as mutual funds and ETFs based on the S&am...
Feb 15, 2020•26 min
When you are hot you’re hot and this week’s WEALTHTRACK guest has been on a tear since launching his Baron Global Advantage Fund in 2012. Alex Umansky is new to WEALTHTRACK but he is a seasoned investor with an outstanding track record. Prior to joining Baron, Umansky spent 18 years at Morgan Stanley where he ran global and international funds as well as the firm’s Institutional Technology Strategy and Technology Fund. Umansky has a degree in finance, information systems and mathematics from NYU...
Feb 08, 2020•26 min
Are we witnessing the end of globalization, the dominant trade and economic force of the last quarter-century? That is what financial thought leader Richard Bernstein is suggesting to clients. In a recent report, aptly titled: Investing for December 31, 2029 -The End of Globalization , he makes his case. And yes, he is talking about 2029! As he notes in his report: “Market leadership always changes decade by decade, and the leadership of the past decade, which are now lauded as ‘core investments...
Jan 25, 2020•26 min
As we enter a new decade what are some of the major changes we face as investors? For answers, we are asking a global investor known not only for his past performance but also for identifying big themes that can have an outsized influence on the financial markets. He is great investor Bill Wilby who has appeared with us exclusively since his retirement from professional money management over a decade ago. He was the Portfolio Manager of the award-winning Oppenheimer Global Fund a graduate of Wes...
Jan 18, 2020•26 min
At the beginning of every new year or at tax time when I am under the IRS deadline gun, I vow this year is going to be different and I will finally get organized and make decisions over time instead of at the last minute. For the second year in a row, we have invited one of our favorite guests who is very knowledgeable and organized to join us. She is Christine Benz, Morningstar ’s personal finance guru. She writes daily personal finance columns for Morningstar , does interviews and podcasts and...
Jan 11, 2020•26 min•Season 16Ep. 28
Happy New Year and Happy New Decade! What will the 2020s bring? As J.P. Morgan famously said: “Stocks will fluctuate.” In 2019 they fluctuated mostly higher and the U.S. was still the place to be. Tech giants such as FANG’s Facebook, up 56%, Google’s parent Alphabet, up 29% and Amazon.com up 23% propelled the NASDAQ 35% higher. The S&P 500 rose nearly 27% and the Dow Jones Industrials advanced over 22%, all trading in record territory. It was pretty much a year for stocks all over the world,...
Jan 04, 2020•34 min•Season 16Ep. 27
Since launching WEALTHTRACK in 2005 we have asked economic legend Ed Hyman to share his new year forecast with us, which he has done pretty much exclusively since the beginning. We also invite a leading portfolio manager to join him. For the fourth year in a row, First Eagle’s Matthew McLennan is doing the honors. This week we are presenting the second of our two-part series focused on the global economic and investment outlook. In case you missed it, we tackled the 2020 prospects for the U.S. e...
Dec 28, 2019•26 min
Every year at this time we are delighted to welcome Wall Street’s long-reigning number one economist, Ed Hyman to share his outlook with us. And we always pair him with a leading portfolio manager with a global investment view. For the fourth year in a row, our choice is First Eagle’s, Matthew McLennan. In the first of this two-part series on the Outlook for 2020, our focus is on the U.S. Last year Hyman correctly forecast the now record-breaking economic recovery would continue and that a reces...
Dec 21, 2019•26 min
There is a retirement crisis in this country. It is becoming more apparent as 10,000 baby boomers turn 65 every day. A recent Wells Fargo survey found that more than eight in ten current retirees fund their retirement primarily with Social Security, or a pension; just 5% do so from personal savings such as an IRA or 401(k). Seven in ten retirees say they would have “no idea what they would do” without Social Security. Contrast them with younger generations who expect savings to be the top source...
Dec 14, 2019•26 min•Season 16Ep. 24
Last week’s podcast with influential and outspoken economist David Rosenberg generated a tremendous amount of traffic and comment. We are running part 2 this weekend. Rosenberg had been predicting the end of both the record-breaking U.S. recovery and bull market this year. Needless-to-say it hasn’t happened, and he is the first to admit he missed this year’s impressive run in large-cap stocks as a result. However, his recommendation to own long-term Treasury bonds has paid off. Year-to-date the ...
Dec 07, 2019•25 min•Season 16Ep. 23
Influential economist David Rosenberg lays out a persuasive case for the end of the record-breaking economic recovery in part one of a two-part WEALTHTRACK conversation. WEALTHTRACK # 1662 published on November 27, 2019.
Nov 30, 2019•23 min•Season 16Ep. 22
Do corporations need a new purpose? Does the free enterprise capitalist system need a major overhaul or a tune-up? We have two guests with strong views on the topic. Ken Langone is Founder, Chairman, and CEO of Invented Associates. He is Co-Founder of the Home Depot where he was Lead Director and a member of the executive committee of its board from its founding in 1978 until 2008. He is a noted philanthropist and the author of I Love Capitalism!: An American Story . He is joined By David Gardne...
Nov 23, 2019•26 min•Season 16Ep. 21
As the Dow and S&P 500 hit new records this week, there is much to contemplate and for the markets to digest in the final weeks of 2019. Time to consult Jason Trennert of Strategas Research Partners , a financial thought leader who has the scope to put it all together and tell us what it means. WEALTHTRACK #1620 broadcast on November 15, 2019. More info: https://wealthtrack.com/recession-bear-market-risks-with-financial-thought-leader-jason-trennert/...
Nov 16, 2019•25 min•Season 16Ep. 20
We are always on the lookout for the exceptional on WEALTHTRACK . It’s not easy to find among actively managed mutual fund managers. Only 23% of actively managed funds in all major categories, including stocks, bonds, and real estate outperformed their passive index fund rivals over the last ten years. And only about 8% of U.S. large-cap funds outperformed passive, the smallest margin among all active fund categories winners. No wonder that active U.S. stock funds are experiencing substantial ou...
Nov 09, 2019•25 min•Season 16Ep. 19
Socially responsible investing has taken off and interest in it is accelerating. As we’ve reported before on WEALTHTRACK, U.S assets invested in companies screened for ESG, or their environmental, social and governance policies grew 38% from 2016-2018 by more than $3 trillion to $12 trillion dollars. According to U.S. SIF, or the Forum for Sustainable and Responsible Investment, which tracks these funds, that $12 trillion represents 26% or one in four dollars of the $46.6 trillion of U.S. assets...
Nov 01, 2019•26 min•Season 16Ep. 18
If you were to follow legendary investor Sir John Templeton’s advice to buy where there is maximum pessimism it might lead you to energy stocks. The energy sector has lagged the S&P 500 since 2016 and has been one of the worst if not the worst-performing industry sectors over the last year. The fossil fuel industry has been hit with an almost perfect storm of headwinds and instability among major petroleum producers outside of the U.S. The ongoing trade wars between the U.S. and China have a...
Oct 25, 2019•26 min•Season 16Ep. 17
The economy and markets are facing multiple headwinds. But the cumulative real growth of the economy, that’s excluding inflation, is far below other post World War II recoveries. That growth is now being challenged on several fronts - enough to derail the U.S. economy and the record-breaking bull market in large-cap stocks? In a slow-growth world, growth commands a premium. Large-cap growth stocks, particularly the largest U.S. ones known as mega-caps have dominated market performance, revenues,...
Oct 11, 2019•26 min•Season 16Ep. 15
Medicare is a benefit that can’t start soon enough for many older adults. Health care costs are skyrocketing and they hit seniors particularly hard because many are on a fixed income and they utilize health care more. But Medicare is not a slam dunk, anything but. It is a very complex, confusing multipart program that requires work to understand. And its benefits can vary widely depending upon how and when you apply, where you live, and what plans you enroll in. And as your health changes, it ca...
Oct 04, 2019•25 min•Season 16Ep. 14
